Wall Street Breakfast: Must-Know News

Spain's prime minister, Mariano Rajoy, has finally admitted three things I have been saying for a long time Spain's regions were in deep fiscal trouble if not bankrupt Spain could not possibly hit its deficit targets for 2012 It is mathematically impossible for Spain to meet deficit goals without raising taxes, no matter how much he insisted otherwise.

Wall Street Breakfast Editors submit:Top StoriesPolitical uncertainty in Spain and Italy spooks markets. Spanish PM Mariano Rajoy is having to fight off allegations that he and other leaders in his party took bribes, while in Italy, Silvio Berlusconi's party is surging in the polls ahead of upcoming elections as he pro

MADRID (Reuters) - More than six million Spaniards were out of work in the first quarter of this year, raising the jobless rate in the euro zone's fourth biggest economy to 27.2 percent, the highest since records began in the 1970s. The huge sums poured into the global financial system by major central banks have eased bond market pressure on Spain, but the cuts Madrid has made in spending to regain investors' confidence have left it deep in recession.

Wall Street Breakfast Editors submit:Top StoriesFox, Turner agree to $6.8B MLB TV deal. News Corp's (NWS) Fox and Time Warner's (TWX) Turner networks have extended their contracts to televise Major Lea

Wall Street Breakfast Editors submit:Top StoriesSpain to issue new debt to save Bankia. Spain intends to recapitalize Bankia by issuing new debt and not by injecting bonds into the company, Reuters reports. The government's options appear to be limited, as forcing bond investors or preferred shareholders to take losses could hit ordinary depositors.

Wall Street Breakfast Editors submit:Top StoriesGreen Mountain crumbles to the sea. Green Mountain (GMCR) shares were -39% premarket after the company issued a profit warning and CEO Larry Blanford admitted on the company's FQ2 earnings call that it expects more moderate growth for sales of its Keurig brewers and K-Cup packs, or, in other words, Green Mountain's growth story is dead

Wall Street Breakfast Editors submit:Top StoriesAmazon surges as revenues jump and profits slump. Amazon (AMZN) shares were +12.4% premarket despite Q1 EPS dropping 35% to $0.28. But that handily beat consensus, as did revenue growth of 34% to $13.18B. The discord is due to Amazon's prodigious spending, and CEO Jeff Bezos said the company plans to invest another $800M-$900M on capex in Q2.